The official business definition of the Procurement Industry is the process of obtaining goods and services from external sources. It is a critical part of the supply chain process, as it is responsible for acquiring the necessary materials, components, and services needed to complete a project or manufacture a product. Procurement involves researching and selecting suppliers, negotiating contracts, and managing the supply chain. It is also responsible for the efficient and cost-effective management of the entire procurement process, from the initial purchase order to the final delivery of the goods or services. The procurement industry is a complex and dynamic sector, and requires a comprehensive understanding of the supply chain, the market, and the legal and regulatory requirements of the industry.
